| Announcement of the National Association of Financial Market Institutional Investors | | 中国银行间市场交易商协会公告 |
| (No. 3 [2019]) | | （〔2019〕3号） |
| Announcement on Issuing the Guidelines for the Disclosure of Information on Personal Consumption Loan Asset-Backed Securities (2019) | | 关于发布《个人消费类贷款资产支持证券信息披露指引（2019版）》的公告 |
| For the purposes of further regulating the personal consumption loan asset securitization business, making the consumption credit asset-backed securities more standardized and transparent, and maximizing the positive role of credit asset securitization in serving real economy, in accordance with the requirements of Announcement No. 7 [2015] of the People's Bank of China (“PBC”) and the provisions of relevant laws and regulations, the National Association of Financial Market Institutional Investors (“NAFMII”) has organized market members to complete the revision to the Guidelines for the Disclosure of Information on Personal Consumption Loan Asset-Backed Securities (2019) (hereinafter referred to as the “Guidelines”). These Guidelines have, on the basis of summarizing experience of the pilot program in the early stage, fully drawn on international experience and further specified the arrangements on the disclosure of information on personal consumption loan asset-backed securities of the revolving type. At present, these Guidelines, which have been deliberated and adopted at the first meeting of the Second Asset Securitization and Structured Financing Professional Committee of the NAFMII, and approved by the PBC, are hereby issued for implementation. | | 为进一步规范个人消费类贷款资产证券化业务，提升消费类信贷资产支持证券标准化、透明化水平，充分发挥信贷资产证券化服务实体经济的积极作用，根据中国人民银行公告〔2015〕第7号文件要求及相关法律法规规定，交易商协会组织市场成员修订完成《个人消费类贷款资产支持证券信息披露指引（2019版）》（以下简称《指引》）。《指引》在总结前期试点经验基础上，充分借鉴国际经验，进一步明确了循环类型的个人消费类贷款资产支持证券信息披露安排。目前，《指引》已经交易商协会第二届资产证券化暨结构化融资专业委员会第一次会议审议通过，并经中国人民银行同意，现予发布施行。 |
| Annex: Guidelines for the Disclosure of Information on Personal Consumption Loan Asset-Backed Securities (2019) | | 附件：个人消费类贷款资产支持证券信息披露指引（2019版） |
| National Association of Financial Market Institutional Investors | | 中国银行间市场交易商协会 |
| February 1, 2019 | | 2019年2月1日 |
| Guidelines for the Disclosure of Information on Personal Consumption Loan Asset-Backed Securities (2019) | | 个人消费类贷款资产支持证券信息披露指引（2019版） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 [Development basis and scope of application] For the purposes of regulating the information disclosure of personal consumption loan asset-backed securities, protecting the lawful rights and interests of investors, and promoting the standardized, sound development of the credit asset securitization market, these Guidelines are developed in accordance with the Announcement No. 7 [2015] of the PBC, and other relevant provisions and self-regulatory rules. | | 第一条 【制定依据与适用范围】为规范个人消费类贷款资产支持证券信息披露行为，维护投资者合法权益，促进信贷资产证券化市场规范健康发展，根据中国人民银行公告.2015.第7号文件等有关规定和自律规范，制定本指引。 |
| These Guidelines shall apply to the disclosure of information on personal consumption loan asset-backed securities issued in the form of registration, and these Guidelines shall apply, mutatis mutandis, to the disclosure of information on personal consumption loan asset-backed securities issued in other forms. | | 以注册方式发行的个人消费类贷款资产支持证券的信息披露适用本指引，以其他方式发行的个人消费类贷款资产支持证券的信息披露参照本指引执行。 |
| Article 2 [Product definition] For the purposes of these Guidelines, “personal consumption loan asset-backed securities” means the securitization financing instruments within China, under which commercial banks, consumer finance companies and other financial institutions, as sponsors, entrust personal consumption loans to entrusted institutions, and entrusted institutions issue securities to investment institutions in the form of asset-backed securities, and pay the principal and interest on asset-backed securities with cash arising from the personal consumption loan asset pool. | | 第二条 【产品定义】本指引所称个人消费类贷款资产支持证券，是指在中国境内，商业银行、消费金融公司等金融机构作为发起机构，将个人消费类贷款信托给受托机构，由受托机构以资产支持证券的形式向投资机构发行证券，以该个人消费类贷款资产池所产生的现金支付资产支持证券本金和收益的证券化融资工具。 |
| Personal consumption loans shall comply with the provisions of laws and regulations, have clear ownership and can generate expected cash flow, including revolving assets and non-revolving assets. Revolving assets shall be credit card account loans or other assets recognized by the financial administrative department. | | 个人消费类贷款应当符合法律法规规定，权属明确，能够产生可预期的现金流，包括循环资产和非循环资产。循环资产应为信用卡账户贷款或经金融管理部门认可的其他资产。 |
| Article 3 [Continuous purchase] Personal consumption loan asset-backed securities may make arrangements for the continuous purchase of underlying assets. For the purposes of these Guidelines, “continuous purchase” means that the entrusted institution will, within the continued existence of the trust after its establishment, purchase new qualified underlying assets once again or many times with the repaid principal or principal and interest (may include excess earnings) according to the standards prescribed in the transaction contract and include them in the asset pool. | | 第三条 【持续购买】个人消费类贷款资产支持证券可以对基础资产进行持续购买安排。本指引所称持续购买，是指受托机构在信托设立后的存续期间内，将本金回收款或本息回收款（可以包括超额收益）根据交易合同规定的标准再次或多次购买新的合格基础资产纳入资产池。 |
| Where a continuous purchase structure is adopted, the entrusted institution and the sponsor, among others, shall disclose the information on continuous purchase according to the requirements of the attached system of forms. | | 如采用持续购买结构，受托机构和发起机构等应按照附件表格体系的要求披露持续购买的相关信息。 |
| If the asset-backed securities where the underlying assets consist of personal auto loans, and residential mortgages, among others, involve the relevant arrangements for continuous purchase of underlying assets, and the relevant information disclosure rules have no particular provisions on the disclosure of information on the continuous purchase of underlying assets, the relevant provisions of these Guidelines shall apply, mutatis mutandis. | | 以个人汽车贷款、个人住房抵押贷款等为基础资产的资产支持证券，涉及持续购买基础资产的有关安排，而相关信息披露规则对持续购买基础资产的信息披露无特殊规定的，参照本指引的相关规定执行。 |
| Article 4 [Self-regulatory management] The National Association of Financial Market Institutional Investors (hereinafter referred to as the “NAFMII”) shall conduct the self-regulatory management of relevant business such as the information disclosure, formulation of standard contract texts, and follow-up evaluation in respect of personal consumption loan asset-backed securities. Entrusted institutions, sponsors and other relevant intermediaries shall accept the self-regulatory management of the NAFMII. | | 第四条 【自律管理】中国银行间市场交易商协会（以下简称交易商协会）对个人消费类贷款资产支持证券信息披露、标准合同文本制定、后续评价等相关业务开展自律管理。受托机构、发起机构及其他相关中介机构应接受交易商协会的自律管理。 |
| The NAFMII, bond registration, custody and settlement institutions and the National Interbank Funding Center shall establish information and data exchange mechanisms in accordance with the relevant provisions of the PBC, and jointly conduct such work as data exchange, information sharing and market monitoring. | | 交易商协会、债券登记托管结算机构和全国银行间同业拆借中心应当按照中国人民银行有关规定建立信息和数据交流机制，共同做好数据互换、信息共享、市场监测等工作。 |
| Article 5 [Information disclosure responsibility] The entrusted institution and the sponsor shall effectively perform information disclosure duties to ensure that the information is disclosed in a truthful, accurate, complete and timely manner, and contains no false records, misleading statements or material omissions, and assume subject responsibility. | | 第五条 【信息披露责任】受托机构和发起机构应切实履行信息披露职责，保证信息披露真实、准确、完整、及时，不得有虚假记载、误导性陈述和重大遗漏，并承担主体责任。 |
| The sponsor and the institutions that accept the entrustment of the entrusted institution to provide services for securitization shall, according to relevant agreements of the trust contract, service contract and fund custody contract, among others, provide relevant reports to the entrusted institution in a timely manner, and ensure that the information provided is true, accurate and complete. | | 发起机构和接受受托机构委托为证券化提供服务的机构应按照信托合同、服务合同和资金保管合同等相关约定，及时向受托机构提供相关报告，并保证所提供信息真实、准确、完整。 |
| For the purposes of these Guidelines, “institutions that provide services for securitization” shall include, but not be limited to, underwriting agencies, loan service agencies, fund custodians, credit rating agencies, law firms, accounting firms, and credit enhancement agencies. | | 本指引所称的为证券化提供服务的机构包括但不限于承销机构、贷款服务机构、资金保管机构、信用评级机构、律师事务所、会计师事务所、信用增进机构等。 |
| Article 6 [Intermediaries' diligent performance of duties] The institutions that provide services for securitization shall, as agreed upon in contracts, effectively perform due diligence responsibilities, disclose information in accordance with the law, and be responsible for the professional reports and professional opinions issued by them. | | 第六条 【中介机构尽职履责】为证券化提供服务的机构应按合同约定切实履行尽职调查责任，依法披露信息，对所出具的专业报告和专业意见负责。 |
| Article 7 [Investors' self-assumption of risks] Investors shall conduct independent analysis of the disclosed information, independently determine the investment value of personal consumption loan asset-backed securities, and assume investment risks by themselves. | | 第七条 【投资者风险自担】投资者应对披露的信息进行独立分析，独立判断个人消费类贷款资产支持证券投资价值，自行承担投资风险。 |
| Article 8 [Content of disclosed information] The entrusted institution, the sponsor and the institutions providing services for securitization shall fully disclose the information on personal consumption loan asset-backed securities in the registration and issuance processes and over the life of the securities according to the requirements of these Guidelines and the relevant system of forms. | | 第八条 【信息披露内容】受托机构、发起机构及为证券化提供服务的机构应根据本指引及相关表格体系要求，在注册环节、发行环节及存续期充分披露个人消费类贷款资产支持证券相关信息。 |
| Article 9 [Information disclosure channels] Entrusted institutions, sponsors and institutions providing services for securitization shall disclose the information on personal consumption loan asset-backed securities through the information disclosure service system of the integrated business and information service platform of the NAFMII, China Money (www.chinamoney.com.cn), China Bond (www.chinabond.com.cn), the website of the Beijing Financial Assets Exchange and other forms recognized by the NAFMII. The service platforms relating to information disclosure shall, in a timely manner, report the violations of information disclosure provisions to the PBC in a written form, inform the NAFMII at the same time, and make an announcement to the market. | | 第九条 【信息披露渠道】受托机构、发起机构及为证券化提供服务的机构应通过交易商协会综合业务和信息服务平台信息披露服务系统、中国货币网、中国债券信息网、北京金融资产交易所网站及交易商协会认可的其他方式进行个人消费类贷款资产支持证券相关信息披露。信息披露相关服务平台应及时以书面形式将违反信息披露规定的行为向中国人民银行报告、同时告知交易商协会，并向市场公告。 |
| The service platforms relating to information disclosure shall, in strict accordance with the requirements of the laws and regulations on the inter-bank market and the relevant self-regulatory documents of the NAFMII, conduct the information disclosure work in a standardized manner, continuously improve the information disclosure infrastructure, and improve the level of technical support, information disclosure services and information security management. | | 信息披露相关服务平台应严格按照银行间市场法律法规及交易商协会相关自律规范文件要求，规范开展信息披露工作，不断完善信息披露基础设施，提高技术支持、信息披露服务和信息安全管理水平。 |
| Article 10 [Information confidentiality obligations] The entrusted institution, the sponsor, the institutions providing services for securitization, the National Interbank Funding Center, China Central Depository & Clearing Co., Ltd., the Beijing Financial Assets Exchange and other relevant insiders shall not divulge the to-be-disclosed information before information disclosure. | | 第十条 【信息保密义务】受托机构、发起机构、为证券化提供服务的机构、全国银行间同业拆借中心、中央国债登记结算有限责任公司、北京金融资产交易所及其他相关知情人在信息披露前不得泄露拟披露的信息。 |
| Article 11 [Exemption from information disclosure] Where the relevant information cannot be disclosed for involvement in any state secret, technical difficulty or any other objective reason, the relevant party with information disclosure obligations shall explain the circumstances and reasons for the inability to disclose the information, disclose the statement on circumstances to investors, report to the PBC, and inform the NAFMII at the same time. | | 第十一条 【信息披露豁免】因涉及国家秘密、技术性困难或其他客观原因确实无法披露相关信息的，相关信息披露义务人应对无法披露信息的情况及原因进行说明，向投资者披露情况说明书并向中国人民银行报告，同时告知交易商协会。 |
| Chapter II Information Disclosure in the Registration Process | | 第二章 注册环节信息披露 |
| Article 12 [Registration documents] The entrusted institution or sponsor shall disclose the registration application report and other documents within 10 working days after the registration of personal consumption loan asset-backed securities is accepted. | | 第十二条 【注册文件】受托机构、发起机构应在个人消费类贷款资产支持证券接受注册后10个工作日内，披露注册申请报告等文件。 |
The registration application report shall include, but not be limited to, the following content:
．．．．．． | | 注册申请报告包括但不限于以下内容：
．．．．．． |
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